Essay
Marty's Seafood Company sells fish in a perfectly competitive market. The market price is currently $3 per pound. At its current level of production, long-run average cost at Marty's Seafood Company is $2.75 per pound. If Marty's Seafood Company is representative of firms in the industry, is this industry in equilibrium? Explain.
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No, the industry is not in equilibrium. ...View Answer
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Correct Answer:
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